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Four venture capitalists from leading Silicon Valley firms are interviewed about the frameworks they use to evaluate potential venture opportunities. Questions include: How do you evaluate the venture's prospective business model? What due diligence do you conduct? What is the process through which funding decisions are made? What financial analyses do you perform? What role does risk play in your evaluation? and How do you think about a potential exit route? Russell Siegelman, partner at Kleiner Perkins Caufield & Byers; Sonja Hoel, managing director at Menlo Ventures; Fred Wang, general partner at Trinity Ventures; and Robert Simon, director at Alta Partners, are interviewed.

learning objective:

To examine the frameworks that individual capitalists use to evaluate potential venture opportunities.

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This case is accompanied by a Video Short that can be shown in class or included in a digital coursepack. Instructors should consider the timing of making the video available to students, as it may reveal key case details.

Zipcar is a start-up organized around the idea of "sharing" car usage via a membership organization. This case describes several iterations of the Zipcar business model and financial plan. These iterations include a very early version and a version developed just prior to the launch of the business, as well as data from the first few months of operations. Students are called on to analyze the underlying economics and business model for the venture and to discover how these assumptions are holding up as the business is actually rolled out.

learning objective:

To understand the notion of a business model and unit economics and flow through the impact of actual operating results.

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This case describes the evolution of a tech startup, WebTracker, and focuses on the decision of two aspiring entrepreneurs (Julie Stern and Mark Foster) who have just received offers for Venture Capital (VC) financing for the company. These offers, or term sheets, are similar in some respects and differ in others. The two firms offering financing are also different. The heart of the case involves comparing these term sheets and determining the "best deal" for them and for their company. The "deal" ultimately cut will parse the economic rewards of success and implement control and governance provisions that are designed to reduce risk for the VC. The term sheet is a great place to see these complex tools and tradeoffs play out.

learning objective:

1. Students will learn to understand the terminology used in a term sheet. 2. Students will learn how venture capitalists structure offers. 3. Students will gain experience in working through the various implications of a term sheet and better understand the interests of both entrepreneurs and venture capitalists.

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Spreadsheet supplement for case 915543.

learning objective:

1. Students will learn to understand the terminology used in a term sheet. 2. Students will learn how venture capitalists structure offers. 3. Students will gain experience in working through the various implications of a term sheet and better understand the interests of both entrepreneurs and venture capitalists.

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Martin Blair is a first-time entrepreneur who draws on his experience in the food service industry to develop two different restaurant concepts almost simultaneously. In relating his experiences, he reveals several important concerns of the thoughtful entrepreneur, ranging from securing financing to building out physical spaces. Both restaurants are successful, and Blair now wants to grow the business. In particular, he must decide whether to grow one or both of the concepts, and whether to use franchising as a growth strategy for either, or potentially both. He must consider the pros and cons of franchising, which apply differently to each of his restaurant brands.

learning objective:

1. Develop an understanding of franchising as a means of market penetration and as a source of financial and other resources, particularly for new ventures. 2. Examine the early evolution of two business opportunities and the development of a growth strategy.

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The case describes a Turkish brother-sister team who are evaluating the option of acquiring and operating a franchise of a U.S. bakery/cafe in Turkey. They are comparing this option to that of simply starting a similar business.

learning objective:

Explores the pros and cons of franchising, especially in the international context.

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